A widely followed crypto strategist predicts how Bitcoin can be traded in the coming weeks, as he says that BTC is currently following the price action in June 2021.
Analyst Justin Bennett tells his 100,900 Twitter followers that Bitcoin is in danger of looking back at its lowest 2022 values of 26,910 dollars while bulls are struggling to maintain BTC’s short-term diagonal support.
“BTC trades below the May trend line of $ 29,700 on a four-hour closing basis. The next line of defense for bulls is $ 28,600. Below that, and we are probably looking at a sweep of the lowest May.”
According to Justin Bennett, Bitcoin’s current price action is reminiscent of the market structure in June 2021, where BTC also swept the declines before starting an improvement.
“It may not be quite the same, but so far BTC is making a decent imitation of June 2021.”
Should Bitcoin follow its script from June 2021, Bennett sier BTC is likely to print new lows for 2022.
«For this leg [down], probably somewhere between $ 24,000 and $ 25,000 if we get it swept. But I doubt it is a low cycle. “
After registering a new annual low level, the crypto strategist has tracks a rally for Bitcoin, but stresses that it is very unlikely for BTC to start a new bull market.
“Relief is more likely to rise to a lower macro height, but I doubt it will last that long.”
Looking at Bennett’s chart, the relief rally could take BTC as high as $ 35,000 in July.
At the time of writing, Bitcoin is trading at $ 29,733, down almost 8% from its weekly high of $ 32,206.
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